Often, homeowners who own a distressed property will want to sell it quickly and efficiently. Sometimes due to financial loss, accidents, or economic duress, a homeowner will require emergency funds which will result in selling their home at a lower market price and sustaining a heavy loss of their property. To avoid making such mistakes, here are a few tips on how to sell your distressed property at a better price in New Jersey.
Avoid Engaging Costly Realtors
Hiring a well-known realtor from real estate companies can be expensive. Extra costs such as high agent fees, marketing, and listing charges will have to calculate into your costs even before you start selling it. Finding an affordable and trustworthy agent is highly recommended. If you choose to sell the home yourself however, you will save costs on the above fees and avoid a hefty commission.
Prep Your Property
Taking out a small budget and the necessary steps to prepare your property for sale is one of the most important factors that contribute to selling your distressed property quickly. Hire professionals to clean up the entire house and ensure that all cosmetic fixes are done properly. Showcase the potential value of your property to buyers by making the property look neat and tidy.
Be Transparent
Regardless of whether the property has defects or requires renovations in certain areas, you as an owner will have to disclose information to your potential buyer. Take the ethical approach of letting your potential buyer know that what must be done and what is not needed to be done after a closure. This will prevent any lawsuit from happening down the road.
Choosing the Right Buyers
Marketing to the right buyers can affect your prices drastically. Investors who are looking for a quick deal on distressed properties can offer prices that are near market value. Look out for buyers such as those who flip homes for a profit. These are the type of buyers who are constantly looking for an affordable deal to make a profit. By joining local real estate or investment online groups, you can get the word of selling your property much quicker and efficiently.
Having Patience
Selling a distressed property often takes time and effort. It can be frustrating, stressful, and troublesome when trying to sell it within a short time frame. Your best bet would be to take all the necessary steps mentioned above and be patient. Rushing to sell your property will turn all the past actions to dust.
Leasing Out Your Property
Give yourself an allocated timeframe to sell your property and consider renting it out if the sale is not met by then. By doing this, you can at least get a steady stream of income temporarily until you find a potential buyer.
Be Calm
When selling your home to potential buyers, do not sound desperate. Stand firm at your price and negotiate with your buyer if needed. Do not entertain low-ball offers and prevent jumping to the first person who makes you an offer unless the offer is near or above your expected selling price.
If you are looking to sell your distressed property and require an experienced real estate agent to get you the best price for your property, feel free to contact us at NJLux today!
